? new credit card scam

[Guest Jan V]

My sister was buying a new VW Polo a few years ago.

She got out her Platinum card to pay for it and the dealer wouldn't accept it!

 

Don't know about over there, but here in the US vendors have to pay their merchant account processors a percentage of each sale. A vehicle would run up quite a fee. Newt and I tried that once, too. The vendor's don't want that extra cost.

[Leon Roskilly]

More Information at:

 

http://www.snopes.com/crime/warnings/creditcard.asp

 

 

Most of the major Credit Card companies now have sophisticated software that looks for suspicious spending patterns, different to each card holder's normal useage.

 

As the Credit Card company usually picks up the tab for fraudalent transactions, they are very keen to pick up when a stolen or cloned card is being used by someone other than the usual cardholder.

Edited January 27, 2006 by Leon Roskilly

[RobStubbs]

Don't know about over there, but here in the US vendors have to pay their merchant account processors a percentage of each sale. A vehicle would run up quite a fee. Newt and I tried that once, too. The vendor's don't want that extra cost.

 

Yep it's the same here - I think 2% for credit cards. I always thought debit cards incurred no charges yet some 'low cost airlines' still add a processing fee saying it costs them 1%. Does anyone know the actual figures for debit cards ?

 

Rob.

[Alan Stubbs]

When I moved to Liverpool, I worked for a credit card issuer.

 

Their software picks up abnormal usage patterns - and that can be either for value or locationb of spend.

This is why they recommend calling them to advise when going on holiday abroad - if it is at an unusual time of year or the first visit to a different country.

 

It prevents embarrassing issues at points of sale.

[Tog]

Makes you realise just how much data these CC co's hold on you and your spending habits!

Just imagine what would happen if a direct marketing co got the details.

[Alan Stubbs]

Makes you realise just how much data these CC co's hold on you and your spending habits!

Just imagine what would happen if a direct marketing co got the details.

 

 

They frequently do.

[Peter]

I recently tried to pay for something fairly large using my 'business' debit card. I had checked with the bank and there were sufficient funds in the account. I am personally known to that retailer but still we had a 20 minute conversation with India before they authorised the payment. Questions included naming roads adjoining the road the card is registered to. It may have been because I was 200 miles from home because in the summer when I spent a similar amount at a retailer 20 miles from home there was no problem. I suppose checking is a good thing but it was a nuisance that day as both the retailer and I had other things to do.

[Elton]

Yep it's the same here - I think 2% for credit cards. I always thought debit cards incurred no charges yet some 'low cost airlines' still add a processing fee saying it costs them 1%. Does anyone know the actual figures for debit cards ?

 

Rob.

 

Haven't got the figures to hand, but I believe it's a fixed fee and a percentage for debit cards. Will need to check. I'm a card merchant, yet steer clear of analysing the fees in order to keep my blood pressure down.

 

I do know that my credit card rate is around 1.9%, but then there are fees for the account itself and the system I use to process them.

[Dan]

For all of you with nectar cards, just think about all that shopping data they collect on you and yes, they use it!

 

Dan

[Guest Jan V]

Yep it's the same here - I think 2% for credit cards. I always thought debit cards incurred no charges yet some 'low cost airlines' still add a processing fee saying it costs them 1%. Does anyone know the actual figures for debit cards ? Rob.

 

Rob, here in the States there is a merchant fee for using one's debit/check card but it is much smaller. Don't have the exact savings but numerous stores have indicated they appreciate our using our card as the debit since the transaction can be processed either way.